DPC
30/10/2014 15:19
ALLOT
REL: 1519 HRS Dorchester Pacific Limited
ALLOT: DPC: Dorchester - Turners Takeover
30 October 2014
Company Announcement
DORCHESTER ALLOTMENT OF SHARES AND BONDS FOR TURNERS TAKEOVER
COMPULSORY ACQUISITION DOCUMENTS TO BE MAILED 3 NOVEMBER 2014
Allotment of Shares and Bonds
Dorchester Pacific Limited (NZX : DPC) advises it has issued 121,769,205
ordinary shares and 22,593,065 $1.00 bonds pursuant to the recent capital
raising and as consideration for acceptances of the takeover offer for
Turners Group NZ Limited.
Details of the allotments for the purposes of NZX Main Board Listing Rule
7.12.1 are attached.
Acceptances and Consideration Mix
As at 12.00 pm today acceptances have been received which, together with
Dorchester's existing shareholding, represents 90.1% of the shareholding in
Turners Group NZ Limited.
Of the acceptances to date the consideration has been taken up as;
Cash 50%
Dorchester Bonds 27%
Dorchester Shares 23%
With the higher take up in shares and bonds, a lower level of bank funding
has been required to settle the acceptances to date. Assuming the remaining
10% shareholding in Turners is acquired for cash, the full takeover of
Turners would be funded by $13 million of bank debt compared to the earlier
estimate of $18 million.
Compulsory Acquisition
Having reached the 90% control threshold, compulsory acquisition provisions
of the Takeovers Code now apply.
A Compulsory Acquisition Notice and Instrument of Transfer will be mailed to
remaining Turners shareholders on Monday 3rd November 2014. The Instrument
of Transfer needs to be returned by Monday 24 November 2014. The same
consideration of cash, bonds or shares is available to Turners shareholders
who have not accepted to date. If the Instrument of Transfer is not
returned, shareholders will receive the cash consideration which will be paid
on their behalf to Turners.
Dorchester CEO and Executive Director, Paul Byrnes said the acceptances to
date and the successful capital raise indicated very positive support for the
offer and the business strategy Dorchester has outlined.
"We have achieved a 'best scenario' outcome and are hopeful remaining Turners
shareholders also see the benefits of participating in the enlarged
business".
ENDS
For further information please contact:
Paul Byrnes
CEO/Executive Director
Dorchester Pacific Limited
DDI: (09) 308 4988
Mobile: 021 644 141
Grant Baker
Chairman
Dorchester Pacific Limited
Mobile: 021 729 800
End CA:00257012 For:DPC Type:ALLOT Time:2014-10-30 15:19:32